At the 1893 Chicago World's Fair, sideshow barker Florenz Ziegfeld turns the tables on his more-successful neighbor Billings, and also steals his girlfriend. This pattern repeats throughout their lives, as Ziegfeld makes and loses many fortunes putting on ever-bigger, more spectacular shows

Ballet star Petrov arranges to cross the Atlantic aboard the same ship as the dancer and musical star he's fallen for but barely knows. By the time the ocean liner reaches New York, a little white lie has churned through the rumour mill and turned into a hot gossip item—that the two celebrities are secretly married.

The scene is set at Billy Rose's Casa Manana Revue, filmed at the Fort Worth Frontier Fiesta (1937), an enormous production created as part of the Texas Centennial civic celebrations. The opening song, "The Night Is Young And You're So Beautiful" emanated from the first edition of the Revue and became a hit song on two continents in 1936.